Tulare County Employees' Retirement Association, Visalia, Calif., approved changes to the $2.1 billion pension plan’s strategic allocation at its Jan. 22 board meeting.
The target percentages were updated Nov. 20, according to minutes of the Jan. 22 meeting.
By comparing the former and updated allocations, the fixed-income allocation was reduced to 17% from 20%, while the allocations for real assets and alternatives were each increased to 19% from 18% and 17%, respectively.
Meanwhile, the target allocations for domestic equity (26%), international equity (16%) and global equity (3%) were unchanged.
As of Sept. 30, the pension fund’s actual asset allocation was 29.8% domestic equity, 17.5% real assets, 17.3% fixed income, 16.3% international equity, 14.3% alternatives, 3.8% global equity, and 1% cash and equivalents.
TCERA officials could not be immediately reached for further details.
